viewAlien Metals Ltd

Alien Metals lands highly prospective former silver mine

The low cost deal will give it ownership of Elizabeth Hill in the Pilbara region of Western Australia

Alien Metals Ltd -
Western Australia's Pilbara region is better known as a world centre for iron ore mining

Alien Metals Ltd (LON:UFO) is buying a formerly producing Western Australia silver mine in a low-cost, all-share deal.

The group is acquiring the Elizabeth Hill Silver Project from Karratha Metals Group.

Alien is handing over 200mln shares valued at 0.14p each, or £280,000 in total. The stock comes with 50mln warrants attached that are in the money above 0.25p.

For that the company is taking ownership of an asset that produced 1.17mln ounces of the precious metal in just two years starting 1998 and was host to exceptionally high mined grades averaging 2,195 grams per tonne.

It was exploited during a low-cost era for silver - the metal was $5 an ounce versus $17.22 today.

There is also “significant” historic exploration potential, including around 50,000 metres of drilling.

One of the very few native silver mines in Australia, Elizabeth Hill is in the Pilbara region of Western Australia, which is better known for being a world centre for iron ore.

That said, the former mine is in an area noted for platinum group metals called the Munni Munni Complex.

Alien said Elizabeth Hill is “a great addition” to its silver assets in Mexico and its Hancock Ranges and Brockman iron ore projects located in the Pilbara.

“The historical information on the property viewed to date gives us excellent indication that this project has significant upside potential, especially as silver prices are now nearly four times the average price when production ceased in 2002,” Bill Brodie Good, the company’s technical director said in a statement.

“Of note, some of the largest silver nugget specimens in Australia have been pulled from Elizabeth Hill,” he added.

Quick facts: Alien Metals Ltd

Price: 0.6125 GBX

Market: LSE
Market Cap: £17.14 m

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